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CDL posts 23% drop in Q4 profit to S$186.7m

CITY Developments Limited (CDL) on Wednesday posted a 23 per cent fall in net profit to S$186.7 million for the fourth quarter ended Dec 31, 2017, down from S$243.8 million a year ago.

Revenue rose by nearly 14 per cent to S$1.33 billion for the quarter, boosted primarily by contribution from The Brownstone EC which obtained its Temporary Occupation Permit in October 2017. CDL said that according to prevailing accounting standards, the revenue and profit for an EC (executive condominium) project is recognised in its entirety upon completion.

Earnings per share for the property developer came up to 19.8 Singapore cents, versus 26.1 cents in the previous year.

CDL has recommended a special final ordinary dividend of six Singapore cents per share, in addition to the final ordinary dividend of eight cents per share. Considering the special interim dividend of four cents paid in September 2017, the total dividends for 2017 would amount to 18 cents per share.